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Fraud*According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain*As defined in Wikipedia

Black says that Wall Street's claim of saving the safety net by making it more affordable is really just an excuse to get rid of its public purpose. Once government services are reduced, they can be transformed by privatization. After the safety net is privatized, Wall Street could charge billions of fees annually for administering the privatized program. The banks who administer the privatized program would gain the backing of government because the government would never allow Americans to lose their retirement savings. The banks would then become even more "systemically dangerous institutions."

The banks want to extend their bailout guarantees to include a (future) privatized social security where profits would be theirs and losses would belong to the taxpayers. Does that not sound familiar?

Wall Street urges Obama to commit the Great BetrayalBy William K. Black - New Economic Perspectives. . . .
The NYT’s Bill Keller authored a column (“The Entitled Generation”)
on July 29, 2012. He excoriated baby boomers based on a study
specially given to him in advance by Third Way. Here is how he
described this organization run by Wall Street for Wall Street. “This
brings me to a soon-to-be released study by the incorrigible pragmatists
at Third Way, the centrist Democratic think tank.”

Keller proceeds to accept, with no demonstration of even the feeblest
effort at critical analysis, Wall Street’s position as gospel.
Remember, he is doing this in 2012, during an epidemic of fraud and
failed models when every week brings the disclosure of a new scandal by
our most elite financial institutions, including those that direct the
Third Way. Keller implies that he has to accept Wall Street’s numbers
because they are “arithmetic.” Keller must have amnesia about the
entire financial crisis, which demonstrated that Wall Street’s
“arithmetic” consisted of maximizing fictional accounting income through
the famous four-ingredient fraud “recipe.” That recipe produces
massively inflated asset values, fictional income, real bonuses, and
catastrophic losses. Each of these results is a “sure thing.” Nobody
does arithmetic worse than Wall Street.

Third Way is “centrist” on matters that involve Wall Street’s
compensation only if Keller subscribes to the view that “what’s good for
Goldman Sachs is good for America.” Keller fails to inform his readers
that the Third Way is a creature of Wall Street and that the
anti-safety net policies it is lobbying for would be worth hundreds of
billions of dollars in increased profits (plus SDI status and even
greater political dominance) to the Wall Street firms that dictate Third
Way’s policies. Third Way is also a “think tank” only if one views
Goldman Sachs’ reports as coming from a “think tank.” Keller then
demonstrated why he didn’t believe his readers should learn that Third
Way was a creature of Wall Street. He was already afraid that his
readers would reject his swallowing the Third Way report’s claims hook,
line, and sinker.

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Famous Quotes

The men the American people admire most extravagantly are the greatest liars; the men they detest most violently are those who try to tell them the truth. … H.L. Mencken

An age is called Dark not because the light fails to shine, but because people refuse to see it…James Albert Michener, novelist (1907-1997)

It is impossible to calculate the moral mischief, if I may so express it, that mental lying has produced in society. When a man has so far corrupted and prostituted the chastity of his mind as to subscribe his professional belief to things he does not believe he has prepared himself for the commission of every other crime. … Thomas Paine 1737-1809, Anglo-American Political Theorist, Writer

Laws just or unjust may govern mens actions. Tyrannies may restrain or regulate their words. The machinery of propaganda may pack their minds with falsehood and deny them truth for many generations of time. But the soul of man thus held in trance or frozen in a long night can be awakened by a spark coming from God knows where and in a moment the whole structure of lies and oppression is on trial for its life.: Sir Winston ChurchillWhen governments fear the people, there is liberty. When the people fear the government, there is tyranny. - Thomas Jefferson

When cheaters prosper, we end up with the worst possible system and to call it a free market system is an obscenity. -William BlackWhen the people fear their government, there is tyranny; when the government fears the people, there is liberty." - Thomas JeffersonI believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property - until their children wake-up homeless on the continent their fathers conquered. Thomas Jefferson - 1802

Don't be afraid to see what you see.

..................................... Ronald Reagan

When the people and the government fear Banksters like Goldman Sachs and JP Morgan, there is economic dictatorship that will destroy the very fabric of our existence as a civilized society.Mike Morgan

Let me control the money of a nation and I care not who makes its laws.Meyer Amsheil Rothschild

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